Revenue: As of FY2026 Q1, the actual value is USD 261 M.EPS: As of FY2026 Q1, the actual value is USD 1.91, beating the estimate of USD 1.6495.EBIT: As of FY2026 Q1, the actual value is USD -14 M.<h3>Financial Guaranty Segment</h3><ul><li>#### Revenues and Income<ul><li>Segment revenues were $182 million for Q1 2026, a decrease from $239 million for Q1 2025. Third-party revenues were $180 million for Q1 2026, compared to $237 million for Q1 2025, while intersegment revenues remained at $2 million for both periods .</li><li>Segment Adjusted Operating Income was $102 million for Q1 2026, down from $168 million for Q1 2025 .</li><li>Net Investment Income was $88 million for Q1 2026, slightly up from $86 million for Q1 2025 .</li><li>Net Earned Premiums were $82 million for Q1 2026, a decrease from $91 million for Q1 2025, with negative net earned premiums in Q1 2026 attributed to significant modifications to FG insurance contracts .</li></ul></li><li>#### Expenses<ul><li>Segment expenses totaled $107 million for Q1 2026, an increase from $64 million for Q1 2025 .</li><li>Loss and Loss Adjustment Expenses (LAE) were $17 million for Q1 2026, compared to a -$23 million benefit in Q1 2025 .</li><li>Employee compensation and benefit expenses were $54 million, up from $52 million in Q1 2025 .</li><li>Amortization of deferred acquisition costs remained unchanged at $5 million for both periods .</li><li>Other segment items increased to $31 million from $30 million in Q1 2025 .</li></ul></li><li>#### Key Metrics and Balances<ul><li>Total financial guaranty net par outstanding was $278.6 billion as of March 31, 2026, an increase from $277.1 billion as of December 31, 2025 .</li><li>Public finance net par outstanding was $265.9 billion as of March 31, 2026, compared to $265.6 billion as of December 31, 2025 .</li><li>Structured finance net par outstanding increased to $12.7 billion as of March 31, 2026, from $11.5 billion as of December 31, 2025 .</li><li>Total financial guaranty debt service outstanding was $441.5 billion as of March 31, 2026, up from $440.8 billion as of December 31, 2025 .</li><li>Total BIG net par outstanding was $8.64 billion as of March 31, 2026, down from $8.76 billion as of December 31, 2025 .</li><li>Total net expected loss to be paid (recovered) was $141 million as of March 31, 2026, compared to $101 million as of December 31, 2025 . Economic loss development was $44 million in Q1 2026, compared to -$15 million in Q1 2025 .</li><li>Gross Premium Receivable was $1,543 million as of March 31, 2026, a decrease from $1,572 million as of December 31, 2025 .</li><li>Outstanding commitments to provide financial guaranties were $1.4 billion for public finance gross par and $3.5 billion for structured finance gross par as of March 31, 2026 .</li></ul></li></ul><h3>Annuity Reinsurance Segment</h3><ul><li>#### Revenues and Income<ul><li>Segment revenues were $10 million for Q1 2026 .</li><li>Segment Adjusted Operating Income was $0 million for Q1 2026 .</li><li>Net Investment Income was $5 million for Q1 2026 .</li></ul></li><li>#### Expenses<ul><li>Segment expenses totaled $11 million for Q1 2026, including $7 million in benefit expense for annuity reinsurance contracts, $2 million in employee compensation and benefit expenses, and $2 million in other segment items .</li></ul></li><li>#### Acquisition and Balances<ul><li>Assured Guaranty Ltd. acquired Assured Life Reinsurance Ltd. on January 21, 2026, for $158 million cash, resulting in a provisional bargain purchase gain of $6 million . Revenue and net income from Assured Life Re from the acquisition date through March 31, 2026, were approximately $14 million and $2 million, respectively .</li><li>Future Policy Benefits for Annuity Reinsurance Contracts were $475 million as of March 31, 2026 .</li><li>Policyholder Account Balances were $263 million as of March 31, 2026 .</li></ul></li></ul><h3>Asset Management Segment</h3><ul><li>#### Revenues and Income<ul><li>Segment revenues were $118 million for Q1 2026, significantly up from $6 million for Q1 2025 . Third-party revenues were $94 million for Q1 2026, compared to $5 million for Q1 2025, and intersegment revenues were $24 million for Q1 2026, compared to $1 million for Q1 2025 .</li><li>Segment Adjusted Operating Income was $44 million for Q1 2026, an increase from $12 million for Q1 2025 .</li><li>Equity in earnings from Sound Point was $6 million for Q1 2026, down from $13 million for Q1 2025 .</li></ul></li><li>#### Expenses<ul><li>Segment expenses totaled $68 million for Q1 2026, up from $4 million for Q1 2025, primarily due to expenses associated with incentive fees .</li></ul></li><li>#### Managed Investments<ul><li>The aggregate carrying value of Sound Point managed investments was $549 million as of March 31, 2026, a decrease from $628 million as of December 31, 2025 .</li><li>During Q1 2026, Assured Guaranty Ltd. deconsolidated a Consolidated Investment Vehicle (CIV) related to Sound Point investments, recognizing a $2 million gain .</li></ul></li></ul><h3>Corporate Division</h3><ul><li>Revenues were $8 million for Q1 2026, up from $4 million for Q1 2025 .</li><li>Expenses were $43 million for Q1 2026, an increase from $40 million for Q1 2025 .</li><li>Equity in earnings (losses) of investees was $19 million for Q1 2026, up from $16 million for Q1 2025 .</li><li>Provision (benefit) for income taxes was -$1 million for Q1 2026, compared to $0 million for Q1 2025 .</li><li>Net income (loss) attributable to Assured Guaranty Ltd. was -$15 million for Q1 2026, compared to -$20 million for Q1 2025 .</li></ul><h3>Consolidated Cash Flow Summary</h3><ul><li>Net Cash Flows Provided by Operating Activities were $190 million for Q1 2026, up from $87 million for Q1 2025 .</li><li>Net Cash Flows Used in Investing Activities were -$60 million for Q1 2026, compared to $134 million provided in Q1 2025, including -$145 million for the Assured Life Reinsurance, Ltd. acquisition in Q1 2026 .</li><li>Net Cash Flows Used in Financing Activities were -$214 million for Q1 2026, compared to -$170 million for Q1 2025, including -$75 million for repurchases of common shares and -$97 million in distributions to noncontrolling interest from consolidated investment vehicles .</li><li>The decrease in Cash and Cash Equivalents and Restricted Cash was -$86 million for Q1 2026, compared to a $54 million increase for Q1 2025 .</li><li>Cash and Cash Equivalents and Restricted Cash at the end of the period were $333 million as of March 31, 2026, up from $182 million as of March 31, 2025 .</li></ul><h3>Outlook</h3>Assured Life Re does not anticipate declaring or paying dividends or making capital distributions during 2026 due to its focus on capital-intensive growth initiatives . Financial guaranty exposure from insurance reserve financings and securitizations is projected to reach $1.6 billion gross and $1.3 billion net by 2027 . The Federal District Court of Puerto Rico extended mediation for PREPA’s default through October 31, 2026 .

Assured Guaranty | 10-Q: FY2026 Q1 Revenue: USD 261 M